Wednesday, November 10, 2010

Market comments for Nov. 10th

Data released this morning on Initial Jobless Claims came in at 435K as compared to an expectation of 450K. Last week the number was 459K so this is in the right direction for the unemployment rate to start coming down, but it is so small a difference it is still much too high. Remember these are Initial claims, new claims, and all to add to the Millions of Unemployed in the country.

The effect on the market was that the Dow, which was down about 12 before the announcement is now showing it will open up, about 5-10 points.

Other data released today so far was Export prices ex-agriculture was up 0.7% while Import Prices ex-Oil was up 0.3%.

The Put to call ratio has risen a bit to 0.84 at the close yesterday but as you have seen the past few days the 7th month low in this indicator I reported over the weekend did show the market was overbought and the market would most likely go down, which it has both Monday and Tuesday.

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